Cryptocurrency Santa Rally Continues! Bitcoin and Altcoins Extend Rally.
The Santa Rally in Bitcoin and the associated Cryptocurrency market has extended to 22% in the past 3-days! Bitcoin stands at $3,800 and looks to extend its gains along with the stock market. People are taking notice of this massive bump and buyers are in control for now. Altcoins including Ripple’s XRP and Ethereum are up double digits and the price spike is happening as the stock market is spiking up at news of the Federal Reserve rate hikes. The massively volatile market we have come to expect and embrace is delivering, but is this a sign of things to come? Can we load the boat with Bitcoin and watch gains pile up, or is this just a pump before an eventual dump? This Santa Rally shows the weakness of and the necessity for regulation and further adoption of the Cryptocurrency market.
As Bitcoin approaches $4,000 again, we must be cautious. The down trending triangle pattern and being below the 200 daily moving average put us at risk of loss. When we look at the sea of green on CoinMarketCap, it looks tempting to deploy capital to the top cryptocurrencies. Ripple and Ethereum are eye-catching with 10%+ gains and their chart looks like more is on the way. It’s great to see the marketcaps of these cryptocurrencies increase, and I hope more is in store.
The Cryptocurrency market needs further sane regulation and adoption to really take off. When the Nasdaq Bitcoin Futures launches in 2019, we will gain both. It appears that the Cryptocurrency market is contraindicated to Stock market and that digital assets on the Stock exchanges may function similar to gold. As governments like Brazil and Argentina adopt cryptocurrency into their countries, regulations and adoption are certain to scale and can be tested there.
I am not a financial advisor and I do not provide financial advice. I have dipped my toes back into the Cryptocurrency market and am purchasing XRP, XLM and ADA. The large marketcaps and liquidity of these cryptocurrencies mean I can withdrawl gains quickly as needed and move to stablecoins to crystalize gains for the next leg up. I expect to see a pullback.
Follow me on Trybe at @ Will Stanley
Follow me on Serey.io at @wstanley224
Follow me on Steemit at @wstanley226 and @dominion01
Follow me on Weku at @wstanley225
Follow me on Sphere Social at @ William Stanley